Las Vegas small multifamily has a recognizable look: rows of two-story stucco fourplexes built in the 1970s and 1980s, often several on one street, in neighborhoods east of the Strip, around UNLV and in older parts of the city and North Las Vegas. They house the valley's service workforce and are among the most traded small rentals in the market.
In short: LendingStreet finances Las Vegas duplexes, triplexes and fourplexes with DSCR loans qualified on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed. Loans start at $150,000 with no stated maximum, purchases go up to 80% LTV, cash-out refinances up to 75% and the standard minimum DSCR is 1.0x. On many Las Vegas fourplexes, the rent supports somewhat less than maximum leverage, so we show you the loan amount that clears the ratio.
Fourplex clusters are concentrated in the University District near UNLV, along corridors east of the Strip such as the areas off Tropicana, Flamingo and Maryland Parkway, in Paradise and Sunrise Manor, and in older parts of the City of Las Vegas and North Las Vegas. Many were built as groups by the same developer, so units and floor plans repeat block after block.
Duplexes and triplexes are scattered through the older east and central valley. Newer small multifamily is rarer, since most new construction in the valley has been single-family homes and large apartment complexes.
| Building type | Where it is common | What to check |
|---|---|---|
| 1970s-80s two-story fourplex | Near UNLV, east of the Strip, Paradise | Roof, cooling units, shared parking |
| Fourplex cluster under one owner | University District, Sunrise Manor | Whether each building is on its own parcel |
| Older duplex or triplex | Central and east Las Vegas, North Las Vegas | Electrical, plumbing, condition |
| Newer townhome-style duplex | Scattered newer infill | HOA rules, SID assessments |
Clark County, the City of Las Vegas and North Las Vegas each zone for multifamily differently. Confirm that the building's unit count matches the zoning and the assessor's record. Also check whether a cluster of fourplexes sits on one parcel or several; each parcel is usually a separate loan, though a blanket loan can combine five or more.
Some jurisdictions require business licenses for residential rentals. Ask the seller for current licenses and any open code cases.
Tenants in Las Vegas fourplexes are often hospitality and casino workers, UNLV students and staff, healthcare workers and people who have just moved to the valley. Units near the Strip and UNLV lease quickly. A DSCR loan adds rent for every unit, from leases or the appraiser's market rent, and divides it by the full monthly payment.
Water, sewer, trash and common-area electric that you pay as landlord do not reduce the ratio, but they do reduce your cash flow. Separately metered electric for each unit, which is common in these buildings, keeps cooling costs with the tenant through the long summer.
This example is illustrative and not a quote. An investor buys a 1980s fourplex near UNLV for $720,000. Four two-bedroom units rent for $1,150 each, or $4,600 combined. Taxes are budgeted at $230 a month and insurance at $220.
At 75% LTV the loan is $540,000, estimated principal and interest is about $3,776 and the total payment is about $4,226, for a DSCR of about 1.09x. At 70% LTV the loan is $504,000 and DSCR rises to about 1.16x. Las Vegas taxes are relatively low, so principal and interest is most of the payment and leverage drives the ratio.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Loan amount | $540,000 | $504,000 |
| Estimated principal and interest | $3,776 | $3,524 |
| Taxes and insurance | $450 | $450 |
| Total monthly payment | $4,226 | $3,974 |
| Combined rent | $4,600 | $4,600 |
| DSCR | About 1.09x | About 1.16x |
Most Las Vegas fourplexes are 40 to 50 years old. Desert heat is hard on roofs and cooling, and older buildings can have dated electrical and plumbing.
Nevada caps annual property tax increases, with rentals on a higher cap than primary residences. Caps generally stay with the property at sale, which makes the seller's current bill a reasonable first estimate, but confirm with the Clark County Assessor.
Clark County charges a real property transfer tax on sales, often paid by the seller by custom, though the contract controls. Nevada has no state income tax, which does not affect the loan but is part of why many investors buy here.
Running units as nightly rentals is difficult in the valley. Clark County and the cities require licenses with spacing rules, and most fourplex units will not qualify. Plan your financing around long-term rent; see our Las Vegas STR page for the details.
Some Las Vegas buildings hold five to eight units; those are residential, but leverage can be lower and reviews more detailed; see our Las Vegas 5-8 unit page. Nine or more units is commercial, covered at /multifamily-loans.html. If you own five or more fourplexes or rentals, a blanket loan can combine them into one loan.
Investors who buy several fourplexes on the same street often start with separate DSCR loans and later consolidate them into a blanket loan once they own five or more. That keeps each purchase simple while the portfolio grows, and the release clause still allows selling one building later.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price, rent for each unit and expenses through the form below, or call (877) 298-1001. We will show the leverage that clears the ratio and outline options next to our Nevada 2-4 unit programs.
Yes. The loan is qualified on the combined rent of all four units, with no W-2s or tax returns, and LLC borrowers are standard.
Up to 80% LTV on a purchase on some programs, but many Las Vegas fourplexes clear the 1.0x minimum at somewhat lower leverage.
Yes. Each parcel is usually a separate loan, or five or more properties can be combined in a blanket portfolio loan with one payment, qualified on the combined rent of the whole cluster.
Usually not. Las Vegas-area STR licensing and spacing rules mean most fourplex units will not qualify, and the loan should be sized on long-term rent. Furnished 30-day rentals may be an option where allowed.
Clark County's transfer tax is often paid by the seller by custom, but the purchase contract decides.
Vacant units are usually counted at market rent from the appraisal, though programs differ, especially on a refinance. Signed leases on the other units make the file stronger.
Yes, up to 75% LTV, with seasoning that varies by program, as long as the new payment clears the ratio. On many Las Vegas fourplexes the rent, not the LTV cap, sets the cash-out amount.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
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